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Copyright Betty JungThe year-end RMLS™ market stats were recently published. I published the first half of 2017 vs. 2016 stats and here are the second half of 2016 vs. 2017 for the Westlake neighborhood of Lake Oswego.

Stats July 1 to Dec 31, 2017 Westlake Neighborhood 

2017 Westlake Stats 2nd Half of 2017

 2016 Westlake Stats Second Half of 2016

Summary

Sales certainly did not slow down in the second half of 2017.  28 houses sold in the second half of 2017 compared to 15 in 2016, even though we saw low inventory in the Westlake neighborhood and Lake Oswego as a whole.

However, prices were negotiated in favor of the buyers in 2017 as was indicated in the first 6 months of 2017 as well.  Houses sold at 99.11% of the original list price vs. in 2016 they sold at 100% of the list price.

Days on the market however were longer in 2017 at 138 days to sell a home vs. 121 days in 2016.  Values continued to increase due to low inventory.  2016 saw average sq. ft. sold at $246 and in 2017 the average sq. ft. sold price was $273.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Yesterday I was asked by a client for the price appreciation in different areas of our Portland metro real estate market.  While I post that information here and in my Jung’s Journal (real estate newsletter), I thought I would update this blog with the latest stats available.  Again, year-end and December stats will not be published by RMLS™ until mid-January.

PRICE APPRECIATION PORTLAND METRO AREAS

As of our November RMLS™ stats, here is each area of our Portland real estate market with the year-to-date price appreciation rates:

  • North Portland – 5.8%
  • Northeast Portland – 8.3%
  • Southeast Portland – 8.3%
  • Gresham/Troutdale – 11.1%
  • Milwaukie/Clackamas – 9%
  • Oregon City/Canby – 7.7%
  • Lake Oswego/West Linn – 9.4%
  • West Portland – 4.3%
  • NW Washington County – 8.4%
  • Beaverton/Aloha – 9.6%
  • Tigard/Wilsonville – 6.9%
  • Hillsboro/Forest Grove – 11.4%
  • Mt. Hood – 18.6%
  • Columbia County – 12.7%
  • Yamhill County – 13.1%

Price Appreciation

Your street or your neighborhood may have different appreciation rates. These percentages are based on a lot of mostly general factors and may be different than what is pertinent for your home.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Quite a while ago I heard a speaker say it is always either a real estate market that favors sellers or a real estate market that favors buyers and there is no such thing as a “normal” real estate market. Markets either go up or down and rarely are there any balanced real estate markets (favoring both buyers and sellers).Copyright Betty Jung

Lake Oswego Real Estate Market

I have to agree somewhat as in the many years I have been selling Lake Oswego real estate now, each real estate market has been different.  And, there have only been a few times when I have seen where we have had a balanced real estate market.

What Is A Normal Lake Oswego Real Estate Market?

Can we say that the years during the height of the real estate boom we had a “normal” market?  Can we say that during the “great recession” that it was a normal real estate market”?  I don’t think so.

We sometimes say that a Lake Oswego real estate market is “balanced” when it has between 5-6 months (or under 7 months) of inventory, favoring both buyers and sellers. But most times, that balanced market is very short lived, because our Lake Oswego real estate market quickly turns toward favoring either only the buyers or only the sellers again.

A Look At Past Lake Oswego Real Estate Markets

What we do know is:

  • November 2017 — Lake Oswego had 3.4 months of inventory (compared to Portland which had 1.9) favoring sellers.
  • November 2010 — Lake Oswego had 12.9 months of inventory (compared to Portland which had 10.2) favoring buyers.
  • November 2007 — Lake Oswego had 8.7 months of inventory (compared to Portland which had 8.3) favoring buyers.
  • November 2000 – Lake Oswego had 8.6 months of inventory (compared to Portland which had 8.9) favoring buyers.

Lake Oswego sellers have been in their “happy place” for quite a while, but as inventory of houses increases, there will once again be a shift. However, we are still in a seller’s real estate market.

Will that happen in 2018? I personally think it will take all, if not most, of 2018 to get to where our Lake Oswego real estate will once again favor buyers, if at all.  But if you have been following this blog, you have seen that it is slowly, very slowly, creeping towards that direction.

We don’t have the year-end stats yet and how December looked in 2017.  Those RMLS™ stats will be published mid-January and I will post the information here.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate Portland Energy Score

New Year – New Laws (Post updated 1/23/2018)

In my Fall 2017 real estate newsletter that I send to my clients, Jung’s Journal, I wrote about the new Portland Energy Score.

While it does not as yet affect Lake Oswego, if you own a single-family home, or townhouse as your primary resident or rental in Multnomah County (City of Portland city limits) this is something you should know about and you will need to comply with the new law. Other cities in Oregon (Hillsboro) are currently considering this new law too, however, as of this time, Lake Oswego is not one of them (but most likely Lake Oswego will at some point).  In addition, there are other cities such as Berkley, CA, Boulder, CO, Austin, TX. and others throughout the USA who also have this law.

Portland Energy Score

The State of Oregon passed a mandatory law that will affect all Portland property owners,

BEGINNING ON JANUARY 1, 2018, sellers of single-family homes (and townhouses) in Portland, Oregon are required to obtain and disclose a Home Energy Report estimating the energy-related use, associated costs, and cost-effective solutions to improve the home’s efficiency.

All homes advertised for sale starting on or after January 1st, 2018 will need to have a Home Energy Score.

What Is An Energy Score?

The energy score is based on the amount of energy the home uses and is not based on personal usage. How the score is determined will depend upon how efficient your furnace is for example, are there any air pockets in your home where heat can escape, are the vapor barriers of your windows cracked or damaged?

The seller is responsible for the cost of the inspection and not the buyer of your house. The report is good for 8 years unless you decide to complete any repairs listed in the report.  You can then and should have a new report filed,  If you sell your house 2 years after you complete any of these repairs, the report must be updated.

Sellers Are On The Hook

You can’t escape not having this report completed as you will be reprimanded.  If you don’t have the report done within the first 90 days of putting your home on the market for sale, you will be fined, then fined again 180 days after that etc. Energy reports for all houses, including yours, will not be posted on the Portland maps site.

Here is what the Home Energy Score rules say:

“Listed publicly for sale” or “publicly listed” means the act of listing the covered building for sale on the real estate market whether publicly by printed advertisement, internet posting, displayed sign, or through a private database intended for use by realtors or buyers with the purpose to identify and compare real properties for purchase.

Any home which is on the market through advertisement, internet posting or displayed sign anywhere where other people of any category (public, other realtors, etc.) might see it, in 2017, does not have to have a Home Energy Score on January 1st.

Important to keep in mind, however, if a home advertised in 2017, is taken off the market for a period of time and re-advertised in 2018, this will trigger the requirement for a Home Energy Score. It must remain continuously for sale/listed to NOT be subject to the ordinance.

JUNG’S JOURNAL

If you would like more detailed information regarding this new energy score and what you need to do to comply, I would be happy to send you my November 2017 newsletter explaining everything. Or, if you have a question, you can always call me at 503-804-9685. Or here is also an advisory document with even more information.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Events January 2018Copyright Betty Jung

How many of you are still saying or writing 2017?  It is here – 2018.  Happy New Year! As I see more activities/events posted elsewhere, I will add them here.  Check back!

Month of January – Heal Month – Healthy Eating Active Living….Well in Lo! Look for the HEAL logo to support your local restaurants that offer healthy eating options.

Month of January and February – Food and coat collection drive.

January 5 – 5-7 p.m. – First Friday Art Opening. 510 Museum & ARTspac, 510 1st Street, Lake Oswego, OR 97034

January 5-6 – 9 a.m. to 4 p.m. – Boy Scouts from Troop 230 in LO will be at the Yakima building and George’s Rogers Park next weekend ( first weekend in January). They will recycle trees and wreaths. This is their annual and only fundraiser so donations are appreciated.

January 5-17 – Art Mart. Donate artwork to benefit LO’s art community. Accepted pieces include paintings, drawings, frames, sculptures, prints, ceramics, or mixed media works.  The Arts Council of Lake Oswego will accept most any artistic creation that is in good condition.  12/27-1/15 – Artwork Drop Off. 1/5-First Friday Opening. 1/13 – Last day for accepting donations.  Write off on your 2018 donations.

January 8 – 6:30 p.m. – 12th Annual LO Reads Kickoff & Book Giveaway. Lake Oswego Library – 706 Fourth Street, Lake Oswego. Good Morning, Midnight. Bring your Lake Oswego Library card to receive a free copy of Good Morning, Midnight, thanks to the Friends of the Library. The line starts forming early and books will be handed out until they are gone. Books will be handed out beginning at 6:30pm. Book related food like trail mix, Chai tea and caribou jerky while waiting in line. 

January 9 – 7-8 p.m. Lake Theater & Cafe, 106 North State Street, Lake Oswego, OR 97034 – Pints from the Past: World War II in Oregon. Speaker Charlie Presti will examine the impact the conflict had on the economy, demographics, society, gender, and race. Topics include the Kaiser Shipyards, Vanport, war-time initiatives, women in the workforce, population movements and diversification, and Japanese internment. The lecture will be accompanied by photographs from the Oregon Historical Society’s Digital Archives.

January 12 – Lake Oswego Hikers May-August Planning Meeting. 9-11 a.m. Santiam Room. Palisades. 1500 Greentree Rd., Lake Oswego.

January 16 – 7-8 p.m. – William Stafford Birthday Celebration. An Evening of Poetry. Lake Oswego Library is located at 706 Fourth Street, Lake Oswego. For more information, contact Alicia Yokoyama at 503-534-4228 or ayokoyama@ci.oswego.or.us.

More Activities In Lake Oswego

There are other activities and events at Lake Oswego Parks & RecreationLake Oswego Public Golf CourseLake Oswego Adult Community Center, Lakewood Center for the Arts,  Lake Oswego Calendar, and the City Library.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate Westlake Stats First 6 Months 2016 vs. 2017

It has been a while since I have broken down stats for specific neighborhoods.  Of course, since I live and work in Westlake my first post for this time period is for the Westlake neighborhood.

The stats below represent single family homes only in the Westlake neigborhood.  Westlake has some children going to two different elementary schools – Oak Creek and Lake Grove.

Below is a comparison of the first six months of 2016 vs. 2017.

Westlake 2016 vs. 2017 – January to June

Westlake Stats 2016

https://lakeoswegorealestateblog.wordpress.com/

Westlake Stats 2017

https://lakeoswegorealestateblog.wordpress.com/

SUMMARY

Comparing the first six months of 2016 vs. 2017, there were more houses sold in 2016 (69) than during the first six months of this year (66).  Our inventory has been extremely low and the inventory of homes for sale was only up slightly in 2017 – 1.6 months vs. 1.5 months in 2016.

Days on the market were also similar.  It took 64 days in the first 6 months of 2017 vs. 63 days in 2016.

However, it was a “hotter” market in 2016 as the final sales prices vs. orginal list price were 100% in the first six months of 2016; whereas, in 2017, buyers negotiated their final sales price to 96.11% of the original list price during this first six months.

Price per sq. ft. also has dropped in the first six months of 2017.  In 2016, price per sq. ft. was $270 while in 2017 thus far the price per sq. ft. is at $267.

Again, as I always say, stats vary street by street, and neighborhood by neighborhood.  Just because homes are selling quickly in one neighborhood within our Lake Oswego real estate market, does not always mean they are selling quickly in another neighborhood within Lake Oswego.

Stats For Your Neighborhood

If you want to know the specific stats your neighborhood, please give me a call at 503-804-9685.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Lake Oswego Real Estate Westlake Neighborhood

Having written over 1200 posts about Portland and Lake Oswego real estate, it occurred to me I have never written about my own neighborhood of Westlake where I not only live but work, and where my Summa Pacific Cascade office is also located in the Kruse Woods Corporate Park.Flower Basket

Westlake, Lake Oswego, OR 97035

Westlake sits at the northwest corner of Lake Oswego at the intersection of Kruse Way, I-5, Fosberg, Carman and Melrose. Westlake is part of the award-winning Lake Oswego School system. The entire neighborhood is serviced by Lake Oswego Junior High School and Lake Oswego Senior High.

When I moved here, there was a dead-end barrier at Highway 217 at I-5. Kruse Way didn’t exist. Tall evergreen trees surrounded the entire neighborhood and area and it was mostly farmland. You used to see “locals” search for those “mushrooms” in the fields as you drove by. Parkview Drive also had a barrier and didn’t continue to Carmen Drive as it does today nor did Westlake Park even exist.

Lake Oswego Real Estate Westlake Neighborhood.lakeoswegorealestateblog.wordpress.com

Where my house sits must also have been farmland once because because during the first few years after my house was built, I had 8-10 swallow nests under my roof eaves yearly and the barn swallows probably felt they were returning to their home. An airplane strip was once close-by and it no longer exists either.

Lake Oswego Real Estate Westlake Neighborhood.lakeoswegorealestateblog.wordpress.com

On my daily walks, I would always see Mr. Kruse on his tractor plowing his farm on the corner of Carman, Meadows and Kruse Way. I have written about him before in my Lake Oswego Living photo blog. He would always stop to give me a tomato or some flowers. His tractor was old and rusty and I would repeatedly ask him why he didn’t buy a new one. He told me not only was his tractor more reliable than many women he knew, but he said it was the developers of Westlake who had all the money and not him.

Westlake Neighborhood

Of course over time, everything changes. Westlake originally wasn’t as popular of an area as it is today. Its easy access just blocks to I-5 and Highway 217, the addition of corporate business parks such as Kruse Oaks Corporate Park and Centerpointe, Westlake’s mini-shopping complex, the many walking trails, green spaces, wetlands, proximity to Westlake Park, the schools and shopping, have all combined to make this a popular area.

  • Westlake Park has 12 acres of active park space, with three lighted baseball/softball fields with bleachers, two lighted soccer fields, lighted tennis courts, full court basketball, a covered playground area and a covered picnic area.
  • Summer concerts are held in Westlake Park during the month of August.
  • There are miles of walking paths and bike trails to enjoy.
  • In addition, there’s a small neighborhood complex of stores, offices and eateries within in Westlake neighborhood on Parkview Drive known as Westlake Village. All along Kruse Way and in Lake Grove there are many more eating establishments and retail stores with close proximity to the Centerpointe restaurants. Soon there will be another great complex currently being constructed on the corner of Highway 217, Meadows and Carman Drives where the Kruse Farm once was located.

Westlake And Easy Access

The other great thing about living in Westlake is its driving times. Nothing is far away and everything is close to Westlake such as downtown Portland,  the civic center of Lake Oswego, Bridgeport Village shopping and Washington Square shopping mall. Here are some of the driving times:

  • Portland City Center: 15 minutes
  • Ocean Beaches: 1.5 hours
  • Mt: Hood Skiing: 1.25 hours
  • River Sailing: 15 minutes
  • Portland Airport: 30 minutes

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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